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Monday Morning Real Estate Update 04/28/08

by The Zwemmer Group

 Good Monday Morning

The 2008 Coachella Rock Festival was again an enormous success for the valley. The Festival draw over150.000 visitors what gave the local economy a boost in renue.

Coachella Valley's home sales jumped 16.5 percent in March from February, the largest month-over-month increase the desert has seen since October.

You can view all homes listed for sale in the Palm Springs area by visiting: http://www.FindMyDesertHome.com

If you are planning to sell your home in the next few months got to http://www.DesertCMA.com to get an approximate value of your home e-mailed to you.

Mortgage Market update!

Rates have certainly been busy moving up and down, but no worries! This is just part of the market.  Rates don’t typically move this much, but in this market anything can happen.  Remember what goes up must go down and it’s all part of the market game.  Stay tuned for more information.

 

·                    Wednesday the Fed has a meeting schedule and from what I understand there is a 75% chance the Fed will cut another 0.25% to the Fed funds rate

·                    Interest rates are down by about 0.125% this week when compared to last week

 

Here are the new rates for this week!

 

NATIONAL OVERNIGHT AVERAGES

 

TODAY

 

LAST

WEEK

30 yr fixed mtg

5.87%

 

5.90%

 15 yr fixed mtg

5.47%

 

5.47%

5/1 ARM

5.65%

 

5.64%

30 yr fixed jumbo mtg

7.22%

 

7.18%

5/1 jumbo ARM

6.53%

 

6.63%

 

 

 

 

 

Weekly Weather Forecast

Today            98°F / 65°F

 


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Have An Awesome Week!

Rob Zwemmer

 



INSPIRATION FOR TODAY: 04/28/2008

by The Zwemmer Group



"Leaders are like eagles. They don't flock - you find them one at a time."
 

~ Unattributed

BE FREE!

In Stephen Covey's "Seven Habits," he talks about focusing on the important to the exclusion of the unimportant. In his own words, "The main thing is to keep the main thing the main thing."

See if you recognize which motivational trainer espoused this similar philosophy:

"There are things within your power, and there are things beyond your power. Within your power are opinion, aim, desire, aversion; in a word, whatever affairs are your own. Beyond your power are body, property, reputation, office; in a word, affairs not properly your own. Concern yourself only with what is within your power.

The essence of good consists of things within your own power; with them there is no room for envy or emulation. For your part, do not desire to be a general, or a senator, or a consul, but to be free; and the only way to do this is a disregard of things which do not lie within your own power."

If you guessed Zig Ziglar, Howard Brinton, or Anthony Robbins, guess again. Its author referred to it as a "field manual for soldiers." It was carried by Frederick the Great on all his campaigns. It was written by the Stoic philosopher Epictetus.

Stephen Covey conveys a similar message when he suggests drawing two concentric circles with a dot in the middle. He equates the dot in the middle to you, the first circle as your area of influence, and the outside circle as your area of concern. He suggests that you concentrate only on the circle of influence, things which you have the power to influence or change. He advises that you disregard those in the area of concern over which you have no influence or power.

YOUR CHALLENGE FOR THIS WEEK:

How much time and energy are you wasting through worry and concern over things you cannot control? Focus your energy and your life on the "main thing" beginning now - then watch your circle of influence begin to grow. Do it now!

Middle part of 2008 as the market bottom for the Coachella Valley

by The Zwemmer Group

Berkemer noted:

should sales continue to improve over the next few months and the market absorbs excess resale inventory, we may be looking back at the middle part of 2008 as the market bottom.'' He said "prices will be affected not only by the number of sales but also the absorption of lower priced properties sellers can no longer afford and developers aggressively selling their already built new homes."

The typical (median) single family home for sale in the MLS today is three bedrooms, two baths, 1,931 square feet, listed at $379,500 and has been on the market for 90 days.

Struggling homeowners could get new government-backed loans

by The Zwemmer Group

By JULIE HIRSCHFELD DAVIS, Associated Press Writer

WASHINGTON - Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan.

But first, lenders would have to agree to wipe out part of their debt. And the borrowers would have to show they could afford the new mortgage. They also would have to agree to share any future profits on the home with the government.

The plan would be a massive expansion of the Federal Housing Administration, the Depression-era mortgage insurer. FHA would take on $300 billion in new loans for as many as 1 million distressed homeowners, most of whom otherwise wouldn't qualify for a government-backed loan.

Taxpayer dollars would be at risk should borrowers default on their new mortgages. The FHA, however, would have some non-taxpayer money to cover losses. The agency would collect a 3 percent fee on the refinanced loans, as well as annual 1.5-percent premiums, and share a portion of borrowers' future proceeds if the property is refinanced again in the future or sold.

The measure by Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, is scheduled for a committee vote this week and is expected to move through the House in early May. A similar bill is taking shape in the Senate. The Bush administration is backing the same concept, although on a much smaller scale.

By relaxing FHA standards, Frank's bill would allow a whole new swath of homeowners who are currently too financially strapped to qualify for a government-insured loan to do so. That includes people who are badly behind on their mortgage payments, have poor credit and hefty debt, and those who owe more than their homes are worth.

It's unclear how many would qualify, however, even under far looser FHA standards. Also an open question: whether mortgage servicers would agree to participate in the voluntary program.

Today, a homeowner who has fallen behind on the mortgage might get a chance to work with his loan officer to lower the payments to an affordable amount. A homeowner who couldn't keep up would likely face foreclosure.

Frank's two-year program is designed to offer another option that would let borrowers keep their homes and give mortgage holders a chance to get a heftier chunk of what they're owed than they would with foreclosure. Typically, mortgage holders lose up to 40 percent on foreclosures.

To take part, a loan officer could contact an FHA-approved lender, who would calculate the terms of an affordable mortgage the borrower could be expected to repay. If the existing mortgage holder agreed to take a substantial loss — he would get no more than 85 percent of the home's value and pay FHA fees and closing costs — the FHA lender would pay off the loan.

The new, fixed-rate loan would be for no more than 90 percent of the home's value.

The idea behind the plan is that mortgage holders could do better accepting a loss now in exchange for getting a delinquent borrower off their hands than they would if they went to foreclosure. In some cases, however, a homeowner will be so financially strapped that the lender would stand to lose too much from the deal and would opt to foreclose instead.

Critics say mortgage holders would have little incentive to participate in any case, because they would have no chance of recovering a substantial chunk of what they're owed.

To qualify, borrowers would have to be devoting at least 35 percent of their monthly pretax income to a mortgage payment on loans originated before Jan. 1, 2008.

With the new loan, FHA could allow a borrower's total monthly debt load — including student loan, credit card and car payments — to reach as high as 55 percent of monthly net income if he made at least six months of timely mortgage payments on the original mortgage. That's a substantially looser standard than the agency's current 43 percent limit.

Homeowners also would have to share with the FHA any profit or gain in any future refinancing or from selling their homes. FHA would get at least 3 percent of the original loan amount when the borrower sold or refinanced. To discourage borrowers from using the program to quickly "flip" their house for a profit, FHA would reap all of the proceeds if the sale or refinance was within a year. That percentage declines 20 percent annually.

The plan is aimed at homeowners hit by the double whammy of the credit crunch and housing downturn. Many of them have subprime loans that are resetting at much higher rates, and can't sell or qualify for a new loan because — due to slumping housing prices — they owe more than their homes are worth. That is known as being "underwater."

"It won't help everybody, but would help some people who are stuck. They can't sell or refinance because they're under water. They've gone to their servicer and cannot get a modification of their loan. Now the only option is to lose the house to foreclosure," said Eric Stein of the Center for Responsible Lending, a nonpartisan research and consumer advocacy group.

The program would only be open to owner-occupied properties; not second homes or investment properties.

Architects of the plan believe mortgage holders would likely give their borrowers broad guidelines for who might qualify for the new program, rather than decide on a loan-by-loan basis.

Key elements of the program will be decided by a new oversight board comprised of officials from the Federal Reserve and the departments of Treasury and Housing and Urban Development.

One major task of the board will be to figure out how to compensate those who hold secondary claims on a home, who would walk away with no more than 1 percent of the home's value.

___

The bill is H.R. 5830.

 

 

INSPIRATION FOR TODAY: 04/21/2008

by The Zwemmer Group

"You cannot discover new oceans unless you have the courage to lose sight of the shore."  

ELIMINATE THE BOX!

It was refreshing to read the article entitled "Thirty Under Thirty" in the REALTOR(r) magazine. Thirty agents under the age of thirty talked about their approach to Real Estate, and most seemed to "think outside the box." They didn't appear to be bound by conventional rules of marketing conduct.

Think back to when you were a young child. You were totally uninhibited by rules, so you weren't afraid to try new things. Back then, there wasn't even a "box" to confine your thinking or actions. You did whatever worked for you.

Then, you began to grow up and your parents, then your teachers, began building a box for you. "Stay in line, be quiet, don't touch this or that," they admonished. "Good little girls and boys don't talk back, eat snacks between meals, or chew with their mouths open."

The rules got more sophisticated as you got older, and you began to conform. Now you're all grown up, comfortable in the box the world built for you, and it's not so easy anymore to "think outside the box".

Not so for the newcomers - the youth of the Real Estate industry. They are enthusiastic, energetic, and with their "no rules" thinking, they're going to mop up on those competitors who are too comfortable in their box.

If you've been in the business for more than ten years, you have one powerful advantage over the newbies - Real Estate wisdom. You're a survivor and know your way around the business. Now it's just a question of combining that base of knowledge with some of the unfettered new thinking of the under 30 crowd. Old dogs CAN learn new tricks, after all!

~ Unattributed

Monday Morning Real Estate Update 04/21/08

by The Zwemmer Group

 

It looks the month of April is going to be record breaking month in Real Estate out her in the desert.  The Sales of Condo’ / Town homes  and  larger residential golf course properties continue to dominate the number of sales here in the Valley.

Our neighbors from the North continue to invest in California properties and are expecting to do this throughout the end of this year and the beginning of next year.

You can view all homes listed for sale in the Palm Springs area by visiting: http://www.FindMyDesertHome.com

If you are planning to sell your home in the next few months got to http://www.DesertCMA.com to get an approximate value of your home e-mailed to you.

PS: did you know USPS is changing stamp prices again from 41 cents to 42 cents? 

 

Mortgage update!

Here are the new rates for this week!

 

NATIONAL OVERNIGHT AVERAGES

 

TODAY

 

LAST

WEEK

30 yr fixed mtg

5.90%

 

5.62%

 15 yr fixed mtg

5.47%

 

5.21%

5/1 ARM

5.64%

 

5.39%

30 yr fixed jumbo mtg

7.18%

 

7.02%

5/1 jumbo ARM

6.63%

 

6.19%

 

 

 

 

 

 

Weekly Weather Forecast

Today        84°F / 55°F

 


AND HERE'S YOUR MONDAY MORNING COFFEE!!

 

 

Have An Awesome Week!

Monday Morning Real Estate Update 04/14/08

by The Zwemmer Group

Good Monday Morning,

Hot Hot Hot!

Not only the Real Estate market continues to be hot, but also we got early taste of summer weather last week.  Today should be the last day triple digits weather and than back in to the comfortable 80 ° F

Population of the Valley to swell 2015According to the report by the Public Policy Institute of California the Coachella Valley will grow by nearly 215.000 people by 2015.

You can view all homes listed for sale in the Palm Springs area by visiting: http://www.FindMyDesertHome.com

If you are planning to sell your home in the next few months got to http://www.DesertCMA.com to get an approximate value of your home e-mailed to you.

Mortgage update!

Mortgage rates have dropped again for second week straight. 

Here are the new rates for this week!

NATIONAL OVERNIGHT AVERAGES

 

TODAY

 

LAST

WEEK

30 yr fixed mtg

5.62%

 

5.65%

 15 yr fixed mtg

5.21%

 

5.23%

5/1 ARM

5.39%

 

5.43%

30 yr fixed jumbo mtg

7.02%

 

7.05%

5/1 jumbo ARM

6.19%

 

6.25%

 

 

 

 

 

 

Weekly Weather Forecast

Today        95°F / 61°F

 


AND HERE'S YOUR MONDAY MORNING COFFEE!!

 

Have An Awesome Week!

INSPIRATION FOR TODAY: 04/17/2008

by The Zwemmer Group



"The key is to keep company only with people who uplift you, whose presence calls forth your best."
 

~ Epictetus

GIVE YOURSELF A LIFT!

Have you ever aspired to be deeply depressed? On your list of major life's achievements, have you included becoming an itinerant ne'er-do-well? Does your daily task list include hanging out at the local pub, gossiping over the back fence with nosy neighbors, or spending time with a loser who does nothing but grouse about how the world has dealt him a lousy hand?

Did that first paragraph seem to pull you down? Did you say, "Ridiculous! Who would want to do those things?" If so, congratulations, you've already received this week's message.

Now, let's give this message a lift. Have you ever met someone with a bright inspiring spirit about them, and thought to yourself, "Wow, I'd like to know them better!" Have you noticed that when you attend a community education course, you leave with many fresh new ideas and a powerful boost in your attitude?

A well-known quote says, "You are what you think about all day long." If you hang out with the losers, your thoughts are likely to be dark and depressing. Spend time with those who possess magic in their attitude and enthusiastic vitality in their work ethic, and your thoughts are likely to soar.

Take a close look at your list of goals for this year. Have you included the addition of positive new personal relationships in your work and play environment? Remember that "to have a friend, you must first be a friend." Consider expanding your sphere of contacts to include those who would inspire you to greatness!

Monday Morning Real Estate Update 04/07/08

by The Zwemmer Group

 Good Monday Morning,

The City of Indio released a new press statement, that they are expected to double in size over the next 5 years. And the City of Coachella has granted 48.000 new home sites to 5 national home builders. This makes the County of Riverside the fastest growing county in the United States.

You can view all homes listed for sale in the Palm Springs area by visiting: http://www.FindMyDesertHome.com

If you are planning to sell your home in the next few months got to http://www.DesertCMA.com to get an approximate value of your home e-mailed to you.

Mortgage update!

Rates ended down for the week by 0.25% on Conforming Loans 30 Fix and stayed about the same for Jumbo 30 yr Fix

Here are the new rates for this week!

NATIONAL OVERNIGHT AVERAGES

 

TODAY

 

LAST

WEEK

30 yr fixed mtg

5.65%

 

5.75%

 15 yr fixed mtg

5.23%

 

5.27%

5/1 ARM

5.43%

 

5.67%

30 yr fixed jumbo mtg

7.05%

 

7.16%

5/1 jumbo ARM

6.25%

 

6.365%

 

 

 

 

 

 

Weekly Weather Forecast

Today        80°F / 54°F

 


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Have An Awesome Week!

Rob Zwemmer

INSPIRATION FOR TODAY: 04/07/2008

by The Zwemmer Group



"You were born an original.
Don't die a copy."
 

~ John Mason

DUPLICATE YOURSELF!

Watch young children on the playground and you will notice them trying to duplicate each other. One hangs upside down on the monkey bars, and soon everyone is doing the same. Check out a pre-teen with a punky new hair-do, or a new style of "radical" footwear, and soon their friends are following suit.

It continues in high school too, with "tricked out" hot cars and cell phones. So . . . is it any wonder that we attempt to duplicate each other as adults as well? We look at our desk mate's approach to getting new business, then we do the same - regardless of the fact that said desk mate is getting no results.

Is there an alternative to this senseless copy-cat approach to life? Yes - but making the change may not be so easy. You begin by looking inside rather than outside. With all the distractions competing for your attention, this may be the most difficult step. Nevertheless, take a look inside to determine your best talents and skills. Ask yourself, "What do I do well? What are my strengths? What do I enjoy doing most?"

Next, write yourself a plan that incorporates your answers into a personal action plan. Remember, you were born an original, so put that originality to work. To help the plan work, avoid distractions from those who question your new direction, and learn to "duplicate yourself".

To avoid distractions, consider moving your desk, working from a home office, or avoiding the social scene at your office. Focus your time and attention on achieving your new-found objectives. To duplicate yourself, hire assistants to prepare direct mail or update your website. Avoid all tasks that you can hire someone else to do.

In short, live and act the part of the original you really are!

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